Fuel Oil: Prices
The question
To ask the Secretary of State for Energy Security and Net Zero, what steps he is taking to limit price increases for heating oil during the current conflict in the Middle East.
Answered by Martin McCluskey
Unlike the gas and electricity markets, heating oil is bought on the spot market, making it more exposed to short‑term volatility in global oil prices, which we recognise is a significant concern for those reliant on it.
The Secretary of State has written to the industry reminding heating oil distributors of their commitments under the UKIFDA Code of Practice, including the need for fair, transparent and justifiable pricing. Additionally, the CMA announced on 11 March they are probing further on two main issues consumers have raised with them on heating oil prices. The CMA will not hesitate to take action where there is evidence of breaches of consumer protections.
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